Why you Should Make a Will
When you die, your will leaves clear instructions on what should happen to your money, possessions and property, known collectively as your estate. If you die without a will, this will be decided for you which may not follow your wishes and can make the process much longer for your family, causing unnecessary stress at an already difficult time.
Your will not only tells people how you want your estate to be shared when you die, it also defines who will oversee carrying out the wishes set out in your will, this person is known as the executor of your will and you can name more than one person if you wish. Your will can also be used to leave instructions on preferences of your burial or cremation and any other special instructions you would like to leave.
If you are considering making, reviewing or updating your will it is advisable to seek independent financial advice from a financial adviser, such as Castlegate in Nottingham. Our team of expert financial advisers will work in partnership with you to ensure you have all the information you need to make informed decisions about the distribution of your estate when you die.
Reasons you need a will
There are many reasons why it is advantageous to have a will in place, although many people often put off writing their will it is imperative you have one in place. While not a nice topic to think about, it is important to ensure your wishes are carried out and your family are financially secure after you die, this is why it is so important to get a financial analysis before you die. Here are just some of the reasons why you should make a will:
- Dying with a will in place makes an already difficult time much easier for your family, without a will it can become a time consuming and stressful process.
- Making a will ensures your wishes are carried out, if you die without a will your estate will be shared in a prescribed way defined by law and may not be what you wanted.
- Having a will in place when you die can help reduce the amount of Inheritance Tax that may be due by how you leave the value of your money and property to loved ones.
Is your will legally valid?
Sometimes people have written their will, but after their death it is determined it is not legally valid. While your will does not have to be written on special paper or use complicated legal language to be legally valid, it does need to:
- State clearly how your estate should be distributed when you die.
- Be made at a time when you were of sound mind, able to make your own decisions and were not under pressure about who to leave things to.
- Be signed and dated by you in the presence of two adult independent witnesses and then signed by those witnesses in your presence. It is imperative that your chosen witnesses will not inherit anything in your will to ensure they are independent and therefore unbiased.
To ensure the legal validity of your will it is advisable to seek independent financial advice from a financial adviser, such as Castlegate in Nottingham. Working with a financial adviser to write your will ensures you are making informed decisions and have effective wealth management and inheritance tax mitigation strategies in place to protect the financial security of loved ones.
Looking for a financial adviser in Nottingham?
When it comes to making a will it is imperative you have the most effective strategies in place to ensure you have set out what you want to happen to your estate when you die, which is why it is advisable to seek independent financial advice from a financial adviser such as Castlegate in Nottingham. Our team of independent financial advisers can work with you to provide advice on all aspects of wealth management, inheritance tax mitigation and estate planning.
At Castlegate, we are an independent financial adviser providing advice in Nottingham and across the East Midlands. As an experienced independent financial adviser in Nottingham we provide financial advice that is tailored to your unique personal circumstances.
If you have questions about making your will or are looking for an independent financial adviser in Nottingham or across the East Midlands, please do not hesitate to get in touch to talk about the most appropriate solutions for your personal circumstances and financial objectives.
